U.S. loses 533,000 jobs in November, worst since 1974

December 5, 2008 by · Leave a Comment
Filed under: Economic News 

I have to admit I was even surprised at the amount shed in such a short amount of time.  This is really going to put pressure on our representatives to do something and that can but good but usually they panic and do something that can make matters worse.  We would of been in a much better situation if we would of taken the bailout money and used that to cover obligations to our citizens, let companies fail and use some of the money to do public works to create jobs to offset the losses we are getting now.  

Instead we used it to plug holes in various balance sheets and totally disregard capitalism and the free market system.  If you want this to change, you need to write letters and call your representatives and tell them how you feel and often.  They need to know you are paying attention.

News:

U.S. employers axed payrolls by 533,000 jobs in November, the most in 34 years and far more than expected, government data on Friday showed, as the year-old recession hammered every corner of the U.S. economy.

U.S. stock markets opened lower, oil prices and the dollar weakened and U.S. government bond prices rallied as the data showed the U.S. downturn was deepening.

“You can’t get much uglier than this. The economy has just collapsed, and has gone into a free fall,” said Richard Yamarone, chief economist at Argus Research in New York.

The Labor Department said the unemployment rate rose to 6.7 percent last month, the highest since 1993, from 6.5 percent in October. It would have been even higher except for an exodus of Americans who became discouraged in their search for work and left the labor force.

“This is a clear employment blowout. Firms are reacting as dramatically as they can to make sure they have cost structures they can survive the recession,” said Joel Naroff, president of Naroff Economic Advisors in Holland, Pennsylvania.

The dismal data sparked calls for aggressive government action to shore up an economy that appears to be facing its deepest downturn since the early 1980s.

Source: Reuters

 

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